oh92
Long

Game of Ladders - The Bull Scenario

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Over the past couple weeks, we have seen overall sentiment of the market gradually switch to bear.
Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.

The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.

Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.

Other Minor Reasons:
- Currently above weekly S1 pivot support.
- Volume Extension showing seller exhaustion

The Trade:
  • Entry 1: 9400
  • Confirmation: 11150
  • Entry 2: 11150
  • Target: 17000
  • Stop/Loss: 9050

With the overall sentiment changing to bear, this may not hold true.
However the fractal and opportunity is here.

I hope you all found this article interesting and maybe even a little helpful!

Wish you all the best of luck!
Trade active: This upward swing has me remaining positive.
Comment: was this recent cross a bull trap?
I still think this pennant has a possibility of playing out.
If so major support would be around 9800
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well done!
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well done bro @oh92
+1 Reply
Btc cannot go new high frm here :first downside in daily will complete around 8300$ then weekly wave 2 will complete around 6k-7k then only new high
+1 Reply
Maped Amjadsid
@Amjadsid, Yoou don't know about 6-7k dude
It's just impossible to know at the moment
a WXY correction could just settle at 8750, it's still valid
If we're going for WXYXZ, yes it could go to 6k
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@Maped, i dont relies on EW alone: will update my buying price as downside complete in daily and weekly
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The past double bottom entered the strong support zone before going up again
This zone is between 7 and 8.8k at the moment
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@Maped, Like, your fractal should do some double bottom at 8200 to look exactly the same
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Good view!
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Great analysis. God be with you today and always
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